- Understand goals of various regression models
- Learn ho to select variables for explanative modeling
If you wish to make an apple pie from scratch, you must first invent the universe.
- Carl Sagan
Mars, what are you doing?
Universe according to Ptolemy
Universe accordin to Copernicus
Predictive models
Explanative (causal) models
Other differences include: choosing variable, evaluating model fit, choosing sample sizes and more…
For more details, see: Shmueli, G. (2010). To Explain or To Predict? (SSRN Scholarly Paper ID 1351252). Social Science Research Network. https://doi.org/10.2139/ssrn.1351252
Descriptive Models
Inferential models
- We are going to be mainly interested in explanative models.